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The concept of One Person Company in India was introduced through the Companies Act, 2013 to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity. One of the biggest advantages of a One Person Company (OPC) is that there can be only one member in a OPC, while a minimum of two members are required for incorporating and maintaining a Private Limited Company or a Limited Liability Partnership (LLP). Similar to a Company, a One Person Company is a separate legal entity from its promoter, offering limited liability protection to its sole shareholder, while having continuity of business and being easy to incorporate.
Section 3(1)(c) of the Companies Act says that a single person can form a company for any lawful purpose. It further describes OPCs as private companies.Single member
OPCs can have only one member or shareholder, unlike other private companies.Nominee:
A unique feature of OPCs that separates it from other kinds of companies is that the sole member of the company has to mention a nominee while registering the company.No perpetual succession
Since there is only one member in an OPC, his death will result in the nominee choosing or rejecting to become its sole member. This does not happen in other companies as they follow the concept of perpetual succession.Minimum one director
OPCs need to have minimum one person (the member) as director. They can have a maximum of 15 directors.No minimum paid-up share capital
Companies Act, 2013 has not prescribed any amount as minimum paid-up capital for OPCs.Special privileges
OPCs enjoy several privileges and exemptions under the Companies Act that other kinds of companies do not possess.
1. Scanned Copy of PAN Card or Passport (Foreign Nationals & NRI )-Self Attested
2. Passport size photograph of owner
3. Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill- Self Attested
4. Scanned Copy of Rent agreement (If rented property)
5. Scanned Copy of Latest 2 month’s Electricity/ Water bill (Business Place).
6. Scanned Copy of NO OBJECTION CERTIFICATE.
7. Scanned Copy of Property papers (If owned property).
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